PwC has decided to drop its popular detailed media forecasts for Australia this year, a victim of the scandal over the misuse of confidential government tax plans, according to insiders.
This would have been PwC Australia's 22st edition of its annual Entertainment and Media (E&M) Outlook.
Instead the big services firm wants to focus on rebuilding trust with its stakeholders.
PwC Australia is selling its government business and has appointed a new CEO after it was revealed a now former partner had given details of draft tax avoidance laws to colleagues.
The annual media forecasts are widely considered to be a key measure of the industry in Australia, including advertising.
Last year PwC said ad spend was expected to slow in Australia over five years, flattening in 2025 and 2026, resulting in a compound annual growth rate of 4.4%, and a total of $24.4 billion in 2026.
PwC had also developed a forecast for the retailer media sector, believed to be at $850 million in 2021 and expected to grow rapidly at a 20.3% a year, reaching more than $2.1 billion by 2026
PwC still producing its global forecasts this year
The global entertainment and media industry, spurred by advertising and digital, is expected to hit $2.8 trillion in 2027 even as growth rates decelerate.
Advertising revenue is forecast to approach $1 trillion in 2027 and become the largest sector, even as consumer spending loses steam and the competitive landscape shifts
PwC: “While advertising dollars are growing, they’re getting spread more thinly as more market players – including e-commerce sites, video games and streaming platforms – take market share from large social media and search platform incumbents.”
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